- PAXG price (COINBASE: PAXG) slid 0.27% since the past day and it is currently trading at $1924.01.
- PAX Gold (COINBASE: PAXG) whale-holding data states that whales hold a total of 43.6% of the supply with a decrement of 5.1% in the past 1 year.
PAX Gold (PAXG) is a crypto backed by gold, launched by Paxos Standard (PAX) in September 2019. It is an ERC-20 token on Ethereum and can be traded on many exchanges. PAX Gold makes gold more tradable, as physical gold is hard to divide or move. Paxos Standard made PAX Gold let investors buy any amount of gold with the crypto, removing the minimum buy limits for the commodity.
PAX Gold price is currently trading at $1924.01 with a decline of 0.27% in the past 24 hours. According to CoinMarketCap data, PAXG cryptocurrency holds a total market cap of $485.4 Million and ranks at 82nd position in the crypto market. It received $5.07 Million in volume in the past 24 hours which is 16.22% more than the previous day. It has over 252.3K in circulating supply. The volume-to-market cap ratio of PAXG coin is 0.97% which indicates very low volatility in the market.
PAX GoldGold Price Prediction Using Price Action Strategy
As per the PAXG price prediction, the PAXG price took support from the demand zone and made a shift in its overall trend in October 2022. Since then, the price surged nearly 23% and made a high of 2054.54 in May 2023. Thereafter, the price is in a short-term correction phase to form a higher low.
Source: PAXG/USD By TradingView
Moving on to the daily chart, the PAXG coin seemed to be in a correction phase and declining by taking rejections from a trendline resistance. Also, the price took support from the previous resistance turned into support, and consolidated above it. Thereafter, It made a breakout to the trendline with rising volume. Currently, it is trying to validate the breakout by sustaining above it.
If the PAXG coin sustains above the trendline and starts gaining momentum, then buyers may show interest in the coin as it has already changed its short-term trend. The price may surge up to $1994.9 and 2054.5.
Indicator Analysis
As per the EMA analysis, the PAXG price has given a breakout of 500 and 100 EMA which shows a positive trend shift in the market. Currently, it has taken support from 200 EMA which shows the presence of buyers at the lower levels.
At the time of publishing, the RSI value of the PAXG price is 53.61 and that of the SMA line is 49.70. RSI is headed upwards and taking support from SMA which shows short-term bullishness in the market.
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line which indicates short-term bullishness in the market.
Conclusion
PAXG price prediction concludes that the price seemed to be in a short-term correction phase and corrected by getting rejection from trendline resistance. However, the coin price consolidated near the demand zone and made a breakout from the trendline resistance. Thereafter, the price is trying to sustain above it. Now that it has changed its trend, buyers may participate and surge the prices to $1994.9 and $2054.5.
Technical Levels
- The support levels of PAXG at $1880.79 and $1802.02
- The resistance levels of PAXG at $1994.9 and $2054.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
